Maintaining financial discipline

The Premier League panel's report laid it out in black and white. "The club's income was hugely overstated by over £830m."

In other words, Manchester City's owners circumvented the league's financial regulations over a number of years by pumping money into the club that should not have been recorded as sponsorship income.

The damning judgement landed less than five days after Manchester United's extended filing to the New York Stock Exchange which detailed their end of year accounts to 30 June 2026.

Manchester United's latest accounts included this comment from chief executive Omar Berrada: "While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable."

This came after a third-place finish in the Premier League, which confirmed a return to the Champions League after a two-year absence.

Record revenues of £677.6m, projected to go as high as £760m in 2026-27, is something to celebrate.

Yet Berrada's cautious stance underlined a few home truths.

In confirming they had spent £191.7m on new players; notably Carlos Baleba, Andrey Santos and Youri Tielemans, and costs associated with them, plus academy players such as England youth international Tynan Thompson, since 30 June, with payments due 'in the next five years'. United also revealed they had borrowed an additional £90m. It took their overall debt to £1.15bn.

To put that into context, in accounts to June 2021, the comparable sum was £667m.

Prior to 30 June, United's transfer debt was £375m. Of that, £218m must be paid before 30 June 2027. United have also said in addition to Baleba, Santos and Tielemans, they are liable for another £122.8m in potential contract payments if players they have already signed hit pre-agreed targets – although presumably the club would be happy if they ended up paying this.

When they restructured their debt in June, United added $125m (£94.36m) to their main debt. On 23 September, they said £63.5m had been spent on land for their proposed new stadium, the precise funding model for which is still to be determined.

Many fans, particularly those who do not want a new stadium, feel that money would have been better invested in Michael Carrick's squad.

Yet, as Berrada said, United are taking a 'disciplined approach' on that.

Read more on how Man City's charges have shined a light on United's finances here